Loan Comparison: 3.06% vs 6.5%
2614 Grand Prix, Colorado Springs, CO 80922 · 4bd/3ba · $540,000
List Price
$540,000
Assumable Rate
3.06%
Remaining Balance
$312,692
Equity Gap
$226,621
Loan Type
VAAdjust Your Scenario
$27,000
$27,000$226,621
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 5.18%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,243/moAssumable @ 3.06% + gap loan
$2,863/moAssumed loan: $1,328/mo
Gap financing: $1,535/mo
$379less per month with the assumable
Your Savings on This Property
2614 Grand Prix, Colorado Springs · 3.06% VA vs 6.5% conventional
$379
per month
$4,550
per year
$136,488
over 30 years
$135,801
interest saved
How gap financing works: The equity gap ($226,621) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($27,000, 5% of purchase price) and a second mortgage for the rest ($199,621 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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